BOSTON — Vertex Pharmaceuticals reported higher first-quarter revenue Tuesday and reiterated its full-year 2026 financial guidance, citing continued growth in its cystic fibrosis business and early contributions from newer products in sickle cell disease, beta thalassemia and acute pain.
The Boston-based company reported total revenue of $2.99 billion for the quarter ended March 31, up 8% from the first quarter of 2025. Vertex posted GAAP net income of $1 billion, compared with $646 million a year earlier. Non-GAAP net income rose to $1.1 billion, up $93 million from the prior-year period.
“Vertex is off to a strong start in 2026, driven by leadership in cystic fibrosis; growth in sickle cell disease, beta thalassemia, and acute pain; as well as rapid pipeline progress,” said Reshma Kewalramani, M.D., Chief Executive Officer and President of Vertex. “CASGEVY and JOURNAVX delivered more than 25 percent of our growth this quarter, underscoring the strength of the increasingly diversified revenue base. As we execute across the commercial portfolio and pipeline and build our fourth franchise in nephrology, Vertex is poised to continue to deliver for patients and create long-term value.”
U.S. revenue increased 7% to $1.78 billion, driven by cystic fibrosis demand, new patient starts for ALYFTREK, higher realized net prices in cystic fibrosis and contributions from CASGEVY and JOURNAVX. Revenue outside the U.S. rose 9% to $1.21 billion, reflecting cystic fibrosis performance across multiple markets, ALYFTREK uptake, increased CASGEVY revenue and a favorable foreign exchange impact.
Vertex said combined GAAP research and development, acquired in-process research and development, and selling, general and administrative expenses totaled $1.5 billion, compared with $1.4 billion in the first quarter of 2025. The increase was mainly tied to commercial investment for the JOURNAVX launch in acute pain and the buildout of Vertex’s renal franchise, led by povetacicept in IgA nephropathy.
The company ended the quarter with $13 billion in cash, cash equivalents and marketable securities, up from $12.3 billion at the end of 2025.
Vertex reiterated its 2026 revenue guidance of $12.95 billion to $13.1 billion. The outlook includes continued growth in cystic fibrosis, the U.S. rollout and international launches of ALYFTREK, and at least $500 million in revenue from non-cystic fibrosis products, including CASGEVY and JOURNAVX.
In cystic fibrosis, Vertex said the U.S. Food and Drug Administration recently approved label expansions for ALYFTREK and TRIKAFTA, making the medicines available to about 95% of people with cystic fibrosis in the United States. The company said the expansion makes about 800 additional U.S. patients eligible for the first time for a medicine that treats the underlying cause of the disease.
Vertex reported first-quarter CASGEVY revenue of $43 million. CASGEVY, a CRISPR/Cas9 gene-edited cell therapy for sickle cell disease and transfusion-dependent beta thalassemia, is approved in several countries for eligible patients 12 and older. The company also completed a U.S. regulatory submission seeking approval of CASGEVY for children ages 5 to less than 12 with sickle cell disease or transfusion-dependent beta thalassemia.
JOURNAVX, Vertex’s non-opioid treatment for moderate-to-severe acute pain, generated $29 million in first-quarter revenue. The company said more than 1 million prescriptions have been filled since the drug’s March 2025 launch, including more than 350,000 prescriptions in the first quarter of 2026.
Vertex also highlighted progress for povetacicept, its dual BAFF and APRIL inhibitor being developed for IgA nephropathy and other B cell-mediated diseases. The company completed a rolling Biologics License Application submission to the FDA for potential accelerated approval in IgA nephropathy after reporting positive interim Phase 3 results. Vertex is using a Priority Review Voucher and expects the FDA review to be expedited to six months if the application is accepted.
The company also initiated the Phase 3 portion of a Phase 2/3 study of povetacicept in primary membranous nephropathy and began a Phase 2 proof-of-concept study in generalized myasthenia gravis.
Across its pipeline, Vertex said it continues to advance programs in cystic fibrosis, kidney disease, type 1 diabetes, myotonic dystrophy type 1, acute pain and peripheral neuropathic pain. The company said it stopped development of VX-522 in cystic fibrosis after observing persistent tolerability issues in a Phase 1/2 study.
